Yachts are among many luxury products in China that are now a hard sell since the government began its clampdown on excessive spending last year.

World yacht sales were down by 70 percent in 2012 due to the low demand following the economic crisis. Many foreign yacht makers moved to the China market, but that’s been soft too, as the government led anti-corruption campaign has discouraged consumption of many luxury products in China including yachts. Some yacht dealers at a boat show in Shanghai say their business has fallen substantially on reduced demand. CCTV’s Zhang Tao reports.

China\'s Luxury Yacht Market Takes a Hit

Luxury is increasingly out of style in China and that's affecting yacht sales.And the government's ongoing crackdown on excessive spending may push them lower. CCTV's Zhang Tao reports from the Shanghai boat show.